South Korea drowns in imports

Mercedes-Benz_W221_S600_long-picture courtesy Wiklipedia

You probably won’t hear this a lot, it doesn’t fit the narrative of wicked Asians manipulating their own currency to flood America with cheap imports, while closing their own markets to Fords and Chevys. Who’s actually being flooded with imports is South Korea. In January, imports held a record 18.1 share of the pensinsular nation’s new car market, the Chosun Ilbo reports. [Continue Reading]

Closed market edition: EU ships more cars to South Korea than what’s going the other way. America mostly AWOL

novexports korea

In 2011, the tightly closed market South Korea opened its doors. A free trade deal eliminated duties on vehicles imported from (and exported to) Europe, never mind that EU automakers painted a depressing picture of Europe being overrun by Hyundais and Kias. Just the opposite happened. Three years later, South Korea is “on track to spend more on vehicle imports from Europe this year than it earns from exports the other way,” as Reuters reports. In a formerly fiercely nationalistic country when it came to cars, imports now hold a record market share of 14 percent. Most of them are from Germany. [Continue Reading]